By Marvelous Allen
Finance and business experts have called on Nigerian SMEs to improve their understanding of financial reporting and tax compliance in light of the recently enacted tax reforms, noting that collaboration and financial discipline are now critical for business survival.
At the 2025 Business Financial Conference convened by CEO of Xtrathinktank Solutions, Mr. Oladimeji Oke, discussions centered on how the 2026 Finance Tax Act would impact entrepreneurs and how businesses can position themselves for growth through smarter financial management.
Mr. Oke, in his keynote address on “The VUCA Economy”, described the current environment as volatile, uncertain, complex, and ambiguous, noting that only entrepreneurs who collaborate and adapt quickly will remain competitive.
“The environment is complex, and that is why the only thing that can help you in a complex society is collaboration,” he said.
“If you run a small or medium enterprise in Nigeria, you must become more intentional about financial intelligence, transparency, and partnership to stay compliant and competitive in our changing fiscal landscape.”
In his own presentation, Co-founder Pertinence Group, Dr. Sunday Olorunsheyi, speaking on “Healthy Collaboration: The Proven Strategy for Business Growth and Expansion”, emphasized the four pillars that make organizations strong: trust, alignment, clarity, and mutual value.
He said that “in the new economy, those who collaborate will outlast those who compete.” He went on further to explain why running with a vision without collaboration is like doing a sprint, and running with a vision with collaboration is like a marathon. “Collaboration turns competitors into co-creators,” he added.
Also, leadership consultant Niyi Adesanya added that collaboration was a strategic asset in business.
“Sometimes it is not money that grows a business. Use money to build collaboration because money will always bow to power,” he said
The conference, themed “Bridging Bridges – the power of collaboration” and hosted in partnership with Arry Properties Ltd, also featured the launch of a new book by Oke, titled, The Complete SME Guide II, which reinforces the importance of understanding financial reporting.
The publication, according to the author, explains the five key elements of financial statements, that is assets, liabilities, equity, income, and expenses; as well as their implications under the new tax framework which is set to take effect from January 2026 in Nigeria.
The event climaxed with a lively panel discussion moderated by character coach Bosede Olusola-Obasa, featuring Dr. Oseni Olalekan and television host Tope Mark-Odigie, who all discussed the human and character dimensions of collaboration in business.
“Collaboration isn’t a choice; it is mandatory to growth,” Mark-Odigie said, while Dr. Olalekan added, “The only way to stay afloat is to collaborate with the right people.”
Other speakers, including fashion guru, Prudent Okopi, emphasised the need for structure, vision, and generosity. They continually reinforced the central message that collaboration, financial literacy, and strong governance are the bedrock of business resilience in Nigeria’s ever-changing economy.
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